I recently ran into the same problem with a static library. We built for armv7 only until an update to the library was released that was built for armv7s as well.
The only thing that not having armv7s will affect is that the app won't be optimized for any new logic that armv7s brings over armv7. The new arm processors should be backwards compatible with armv7 so future devices should work fine with a build for armv7.